Ionis Pharmaceuticals (MEX:IONS) Operating Income: MXN-6,285 Mil (TTM As of Mar. 2026)


MEX:IONS Ionis Pharmaceuticals Inc MEX:IONS
72 GF Score
Price MXN1,150.00
GF Value MXN1,062.74
! 6 Warning Signs
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What is Ionis Pharmaceuticals Operating Income?

Ionis Pharmaceuticals MEX:IONS 72 Operating Income is MXN-6,285 Mil as of Mar. 2026. GuruFocus rates MEX:IONS with a GF Score™ of 72/100 and a GF Value™ of MXN1,062.74. The stock has 6 warning signs investors should review.

Ionis Pharmaceuticals's Operating Income for the three months ended in Mar. 2026 was MXN-2,119 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was MXN-6,285 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ionis Pharmaceuticals's Operating Income for the three months ended in Mar. 2026 was MXN-2,119 Mil. Ionis Pharmaceuticals's Revenue for the three months ended in Mar. 2026 was MXN4,438 Mil. Therefore, Ionis Pharmaceuticals's Operating Margin % for the quarter that ended in Mar. 2026 was -47.74%.

Warning Sign:

Ionis Pharmaceuticals Inc operating margin has been in a 5-year decline. The average rate of decline per year is -48.2%.

Ionis Pharmaceuticals's 5-Year average Growth Rate for Operating Margin % was -48.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ionis Pharmaceuticals's annualized ROC % for the quarter that ended in Mar. 2026 was -36.84%. Ionis Pharmaceuticals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was -41.17%.

Ionis Pharmaceuticals  (MEX:IONS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Ionis Pharmaceuticals's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=-8474.072 * ( 1 - 0% )/( (21208.626 + 24802.23)/ 2 )
=-8474.072/23005.428
=-36.84 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=63449.134 - 2464.692 - ( 48209.109 - max(0, 14072.661 - 53848.477+48209.109))
=21208.626

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=62212.256 - 2803.237 - ( 34606.789 - max(0, 12922.071 - 52961.048+34606.789))
=24802.23

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Ionis Pharmaceuticals's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-5191.472/( ( (6510.807 + max(-1435.792, 0)) + (6806.713 + max(11902.61, 0)) )/ 2 )
=-5191.472/( ( 6510.807 + 18709.323 )/ 2 )
=-5191.472/12610.065
=-41.17 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 180.921 + 4269.008) - (2464.692 + 1328.118 + 2092.911)
=-1435.792

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 100.208 + 16925.33) - (2803.237 + 1247.845 + 1071.846)
=11902.61

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Ionis Pharmaceuticals's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=-2118.518/4437.685
=-47.74 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Ionis Pharmaceuticals Operating Income Related Terms

Ionis Pharmaceuticals Operating Income Historical Data

* Premium members only.

The historical data trend for Ionis Pharmaceuticals's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Ionis Pharmaceuticals Operating Income Chart

Ionis Pharmaceuticals Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only -302.36 -7,997.08 -6,004.30 -9,908.69 -6,873.08

Ionis Pharmaceuticals Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3,006.27 2,633.04 -2,938.25 -3,861.74 -2,118.52
MEX:IONS
72GF Score
Ionis Pharmaceuticals Inc MEX:IONS
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Ionis Pharmaceuticals Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was MXN-6,285 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of MXN-6,285 Mil mean?
Ionis Pharmaceuticals (MEX:IONS) has a Operating Income of MXN-6,285 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ionis Pharmaceuticals and its competitors.
Is Ionis Pharmaceuticals' Operating Income too high?
Ionis Pharmaceuticals' current Operating Income is MXN-6,285 Mil. Overall, Ionis Pharmaceuticals has a GF Score™ of 72/100, reflecting its overall financial health beyond just this single metric.
How does Ionis Pharmaceuticals' Operating Income compare to EXEL and BBIO?
Ionis Pharmaceuticals' Operating Income of MXN-6,285 Mil can be compared against companies in the Biotechnology industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Biotechnology company?
A good Operating Income depends on the Biotechnology industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ionis Pharmaceuticals and its competitors. Ionis Pharmaceuticals's current Operating Income is MXN-6,285 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ionis Pharmaceuticals stock overvalued right now?
Ionis Pharmaceuticals (MEX:IONS) has a current Operating Income of MXN-6,285 Mil. The stock's GF Value™ is MXN1,062.74, compared to a current price of MXN1,150.00 — trading 8.2% above its estimated fair value. The current Operating Income is MXN-6,285 Mil. Ionis Pharmaceuticals' overall GF Score™ is 72/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Ionis Pharmaceuticals (MEX:IONS), the current Operating Income is MXN-6,285 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Ionis Pharmaceuticals (MEX:IONS) Overvalued in 2026?

Based on GuruFocus' analysis, Ionis Pharmaceuticals stock appears to be overvalued. The current stock price of MXN1,150.00 is trading 8.2% above its estimated GF Value™ of MXN1,062.74.

Key valuation signals for MEX:IONS:

  • Operating Income: MXN-6,285 Mil
  • GF Value™: MXN1,062.74 vs. price of MXN1,150.00 (8.2% above fair value)
  • GF Score™: 72/100 with 6 warning signs

No single metric tells the full story. See the MEX:IONS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ionis Pharmaceuticals Business Description

Address 2855 Gazelle Court, Carlsbad, CA, USA, 92010
Ionis Pharmaceuticals is the leading developer of antisense technology to discover and develop novel drugs. Its broad clinical and preclinical pipeline targets a wide variety of diseases, with an emphasis on cardiovascular, metabolic, neurological, and rare diseases. Ionis and Biogen brought Spinraza to market in 2016 as a treatment for spinal muscular atrophy, and Biogen launched ALS drug Qalsody in 2023. Ionis brought two additional drugs to market via its cardiovascular-focused subsidiary Akcea, including ATTR amyloidosis drug Tegsedi (2018) and cardiology drug Waylivra (Europe, 2019). Ionis and AstraZeneca launched polyneuropathy drug Wainua in 2024. Ionis marked its first two independent launches in 2025 for Tryngolza (for FCS) and Dawnzera (for HAE).
72GF Score

Get the complete analysis for MEX:IONS

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN1,150.00
Price
MXN1,062.74
GF Value